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China Molybdenum has US$4B for acquiring high-quality mines from Western rivals

After inkingthe US$1.5 billion deal for AngloAmerican Plc's niobium and phosphate businesses in Brazil, is lookingto buy more mining assets from struggling Western rivals to expand its internationalbusiness, the Financial Times reportedMay 3, citing interviews with two senior company executives.

China Molybdenum's Executive Chairman Steele Li said the commoditiescycle has reached bottom. The report said the company has over US$4 billion earmarkedfor asset acquisition.

The group aims to buy high-quality assets "from people whodo not want to sell them," the report cited Kalidas Madhavpeddi, CEO of ChinaMolybdenum International, as saying.

"There have been others that we have passed on when we feltthat the time was not right or when they were not tier one?…?we have been patient,"the CEO added.